SECURE ENERGY REPORTS FIRST QUARTER RESULTS, INCLUDING $90 MILLION DEBT REDUCTION AND $53 MILLION IN REALIZED SYNERGIES

• Delivered another record quarter with Adjusted EBITDA¹ of $126 million, up 215% compared to Q1 2021, and up 64% on a per basic share basis²
• Repaid $90 million of debt, helping to reduce our Total Debt to EBITDA ratio³ to 2.9x compared to 3.4x at December 31, 2021
• Increased revenue to $359 million, excluding oil purchase and resale, up 172% from Q1 2021
• Increased Adjusted EBITDA margin² to 35% from 30% in Q1 2021
• Achieved net income of $38 million and 12 cents per share, an increase of $39 million from Q1 2021
• Realized $53 million of annualized run-rate synergies impacting Adjusted EBITDA, an increase of $13 million since December 31, 2021, and on track for a minimum of $75 million synergies by end of 2022
• Generated $100 million of discretionary free cash flow¹, up 245% from Q1 2021, and 78% on a per share basis²
• Increased funds flow from operations to $107 million, 257% higher than Q1 2021
• Optimized our portfolio through the sale of non-core assets for total proceeds of $22 million
• Releasing our 2021 Sustainability Report on May 2, 2022 demonstrating our commitment to sustainability, and laying out our roadmap to achieving net-zero greenhouse gas emissions by 2050, including reducing GHG emissions intensity by 15% by the end of 2024

CALGARY, AB, April 28, 2022 /CNW/ - SECURE ENERGY Services Inc. ("SECURE" or the "Corporation") (TSX: SES) reported the Corporation's operational and financial results for the three months ended March 31, 2022.

"We opened 2022 with another record quarter, reflecting the strength and scale of our business as industry tailwinds, combined with optimizing our expanded platform, continues to drive strong results," said Rene Amirault, President and Chief Executive Officer of SECURE. "We continue to be extremely pleased with the successful integration with Tervita and we are realizing synergies ahead of our plan, creating a stronger company.  Higher industry activity levels drove increased demand for our customer solutions and combined with our ongoing focus on managing costs resulted in improved performance across our operations.

"We have a strong deleveraging plan in place, as demonstrated in Q1, and we expect to continue to reduce our debt this year and put us in position to enhance shareholder returns in the future. Our enhanced scale allows us to optimize existing assets and operations so that we can add more value to our customers and provide greater optionality in allocating capital through all market environments.

"Looking forward to the remainder of 2022, we expect to continue to benefit from favourable industry fundamentals which will support our strong momentum and drive higher year over year discretionary free cash flow.  As we achieve our debt reduction targets, we anticipate looking at increasing returns to our shareholders as well as incremental organic growth opportunities that provide stable cash flow. Our near-term focus remains on synergies, operational excellence and efficiencies, progressing our ESG initiatives, and paying down debt with free cash flow, while leveraging opportunities to grow and provide value for shareholders and customers."

FINANCIAL AND OPERATING HIGHLIGHTS

The Corporation's operating and financial highlights for the three months ended March 31, 2022 and 2021 can be summarized as follows:

FINANCIAL AND OPERATIONAL RESULTS

The following should be read in conjunction with the Corporation's MD&A for the three months ended March 31, 2022, and the consolidated financial statements and notes thereto for the three months ended March 31, 2022 ("Interim Financial Statements"), which are both available on SEDAR at www.sedar.com.

FIRST QUARTER HIGHLIGHTS

• Significant debt reduction of $90 million - the Corporation repaid $90 million or 20% of the amount drawn on its revolving credit facility entered into in connection with SECURE's acquisition of, and amalgamation with, Tervita Corporation (respectively, the "Revolving Credit Facility" and the "Transaction") using a portion of funds flow from operations of $107 million as well as the sale of non-core assets for additional proceeds of $22 million. These non-core assets generated less than $2 million of Adjusted EBITDA per year. Cash generation was supported by an improved commodity pricing environment, increased industry activity and a limited amount of investment in working capital. The Corporation's ability to repay a significant amount of debt was further aided as limited capital spending was required to support the business. The debt reduction improved our Total Debt to EBITDA covenant ratio to 2.9x from 3.4x at December 31, 2021. This debt reduction demonstrates the strength of our business model and moves us closer to achieving our near-term debt targets.
• Integration cost savings of $53 million realized - achieved an incremental $13 million of annualized cost savings impacting Adjusted EBITDA in the first quarter of 2022, increasing realized cost savings from $40 million to $53 million on an annual run-rate basis. As a result, the Corporation has now achieved 71% of the $75 million cost savings target in the first nine months following the completion of the Transaction. The $13 million achieved in the quarter is mainly a result of a reduction of headcount and corporate overhead costs, and operational optimizations. In the three months ended March 31, 2022, $9 million of costs related to the Transaction and integration of the legacy businesses were incurred of which $6 million was associated with the competition review process.
• Revenue (excluding oil purchase and resale) of $359 million - an increase of 172% compared to the first quarter of 2021 with Midstream Infrastructure revenue (excluding oil purchase and resale) increasing by $107 million to $158 million and Environmental and Fluid Management revenue increasing by $120 million to $201 million for the quarter. These increases were primarily due to additional revenue associated with the Transaction and an increase in industry activity levels. Both reportable segments benefited from improved industry activity levels, driving incremental volumes at Midstream Infrastructure facilities and industrial landfills, and demand for drilling and completion related services as underpinned by an increase in average active rig count of approximately 40% compared to the first quarter of 2021. Higher crude oil pricing in the first quarter of 2022 also positively impacted recovered oil revenue and contributed to the increase in oil purchase and resale revenue which increased by 163% to $1.4 billion compared to the comparative 2021 period.
• Net income attributable to shareholders of $38 million - an increase of $38 million compared to the first quarter of 2021 and the first net income posted by the Corporation since Q4 2019 as general industry conditions continued a positive trend. The increase was primarily driven by the impact of the Transaction which increased Adjusted EBITDA by $86 million as described below. This positive impact was partially offset by higher general and administrative ("G&A") expenses and depreciation, depletion and amortization ("DD&A") due to the increased size of the Corporation's asset base, $20 million of higher finance costs associated with debt assumed in connection with the Transaction and a non-cash deferred tax expense of $9 million. Net income for the first quarter of 2022 included gains of $15 million related to the sale of non-core assets which included vacant land and a non-core consulting business that was not material to SECURE's operating results.
• Adjusted EBITDA of $126 million and $0.41 per basic share - an increase of 215% and 64% compared to the first quarter of 2021, respectively, primarily due to the Adjusted EBITDA contributions from the Transaction and related synergies, demonstrating the strength and scale of the combined business. In addition, higher oil prices resulted in overall improved market conditions and increased activity levels in a number of the Corporation's operating areas, which led to higher processing and disposal volumes at our Midstream Infrastructure facilities and landfills and increased demand for services related to drilling and completion activity within the Environmental and Fluid Management segment.
• Adjusted EBITDA margin of 35% - increased from 30% in the first quarter of 2021, due to the positive impact from the cost savings mentioned above and higher revenue contributing to improved fixed cost absorption, particularly in the service lines impacted by the increased drilling and completion activity.
• Discretionary free cash flow of $100 million - which was used primarily to repay $90 million of debt, as well as fund the Corporation's quarterly dividend, transaction related costs and growth capital expenditures. Funds flow from operations was $107 million in the quarter, an increase of $77 million from the prior year comparative period. Higher Adjusted EBITDA in the first quarter of 2022 was partially offset by higher transaction and related costs and asset retirement costs incurred. At March 31, 2022, SECURE carried Working Capital¹ of $187 million consistent with $183 million at December 31, 2021.
• Midstream Infrastructure segment profit margin of 63% - increased from 59% in the first quarter of 2021.
• Environmental and Fluid Management segment profit margin of 27% - remained consistent with 27% in the first quarter of 2021.
• G&A expense before DD&A and share-based compensation as a percentage of revenue (excluding oil purchase and resale) of 7% - an improvement of two percentage points compared to 9% in the first quarter of 2021, also supported the increased Adjusted EBITDA margin.
• Liquidity¹ of $390 million - increased by $101 million from December 31, 2021 primarily due to debt repayment funded by discretionary free cash flow generated during the first quarter of 2022 and proceeds received from the sale of non-core assets, which was partially offset by Transaction and related costs incurred and an investment in non-cash working capital.

As at March 31, 2022, the Corporation had drawn $370 million aggregate principal amount on the Revolving Credit Facility and a total of $90 million of letters of credit ("LCs") have been issued against SECURE's credit facilities resulting in $390 million of Liquidity (available capacity under SECURE's credit facilities and cash on hand, subject to covenant restrictions).

The following table outlines SECURE's covenant ratios², calculated in accordance with the Corporation's credit facilities, at March 31, 2022, and December 31, 2021:

• Growth capital expenditures of $3 million - related to the expansion of a water disposal facility which is backstopped by a commercial agreement with an existing customer at the facility.
• Sustaining capital of $10 million - related primarily to well and facility maintenance, landfill cell expansions and asset integrity and inspection programs.
• Declared dividends of $2 million - representing $0.0075 (0.75 cents) per common share for the quarter.

OUTLOOK

The Corporation's strong first quarter results benefitted from cost control, realized synergies from the Transaction and increasing crude oil, liquids and natural gas prices that drove producer cash flows and industry activity, including increased demand for drilling and completion services, incremental facility volumes, realization of transaction synergies, increased recovered oil revenue and crude oil marketing opportunities. Benchmark crude oil prices reached eight-year highs during the first quarter, supported by macroeconomic factors including significant inflationary pressures, geopolitical risk premium due to the current war in Ukraine, as well as lessening COVID-19 demand impacts. The higher prices and broader economic factors led to an increased rig count that is currently expected to continue through the year.

More specifically, we expect to see the following trends:

• SECURE's focus for 2022 is to continue to successfully integrate and optimize the addition of the legacy Tervita facilities and operating networks acquired pursuant to the Transaction and deliver on expected integration cost savings to become a more resilient, profitable, and efficient business. At the end of the first quarter of 2022, we have realized $53 million of synergies impacting Adjusted EBITDA on an annual run-rate basis. We expect to execute on the remaining $22 million of administrative and operational synergies by the end of this year. The operational synergies include optimizations and facility rationalizations with the expectation that the synergies will contribute a partial benefit in 2022 with the full run rate of $75 million cost savings in 2023. Additional savings through initiatives such as improving our capital structure as well as minimizing sustaining capital by managing underutilized assets, are expected to provide incremental discretionary free cash flow beyond our $75 million cost savings target that impact Adjusted EBITDA.
• Increased utilization at our midstream processing facilities as higher drilling, completion and production volumes from increased activity levels require additional treating, processing, terminalling and disposal. The Corporation has significant capacity to increase facility throughput and disposal with minimal incremental fixed costs or additional capital. Higher drilling and completion activity is expected to continue to have a positive impact on our drilling and production services business within the Environmental and Fluid Management segment. In addition, we have been able to pass through price increases to offset some of the cost pressures we are experiencing due to currently higher inflation.
• Increased volumes at the Corporation's industrial landfills as both industry activity and abandonment, remediation and reclamation material and activity continue to trend higher as a result of the Canadian Federal Government's $1.7 billion stimulus package to help fund the closure and reclamation of orphan and inactive wells in the WCSB within Alberta, Saskatchewan and British Columbia, which is scheduled to end in December of 2022. In addition, there is direction from the Alberta Energy Regulator requiring energy producers and other companies that have retirement obligations related to inactive (non-producing) wells and facilities to spend an amount each year towards addressing those obligations, and a similar program initiated by the Saskatchewan provincial government is expected to begin in 2023. SECURE anticipates both programs and policy changes to increase abandonment, remediation and reclamation activity to positively impact all of SECURE's Canadian operations, particularly within the Environmental and Fluid Management segment as a result of higher demand for environmental site assessments, onsite abandonment, remediation and reclamation management and decommissioning work.

One of SECURE's key priorities remains debt repayment. As clearly demonstrated in the first quarter, we will use discretionary free cash flow and any proceeds from non-core asset sales to reduce debt further. As we achieve our leverage targets, in addition to strengthening our balance sheet, we are committed to allocating capital towards increased shareholder returns as an important element of our capital allocation framework, as well as for incremental organic growth opportunities that provide stable cash flow. These shareholder returns may include further debt repayment, increased dividends, share buybacks, or a combination thereof. SECURE will continue to work diligently to manage inflationary costs that may continue through the year; including purchasing materials in bulk, working with customers and negotiating with suppliers or finding alternate suppliers.

We expect sustaining capital in 2022 to be approximately $55 million, including capital expenditures related to landfill expansions of approximately $15 million. We expect to incur approximately $45 million of growth capital in 2022 which will be focused on projects that contain long-term agreements and tie into existing infrastructure that strategically aligns with our customer needs as we both reduce costs and lower emissions. Assisting customers to recycle and reduce wherever possible continues to be part of our long-term strategy and other opportunities such as carbon dioxide sequestration infrastructure will continue to be evaluated as part of our ESG goals.

Summary

In closing, industry fundamentals remain favourable and provide support for our business outlook in 2022. Our priorities are to achieve the remaining $22 million of run-rate synergies impacting Adjusted EBITDA and to use our discretionary free cash flow to strengthen our balance sheet by further reducing debt. With our efforts to date and the continuing hard work of our employees, we believe we are well positioned to achieve both of these priorities during the remainder of 2022.

NON-GAAP AND OTHER FINANCIAL MEASURES

The Corporation uses accounting principles that are generally accepted in Canada (the issuer's "GAAP"), which includes International Financial Reporting Standards ("IFRS"). This news release contains certain supplementary non-GAAP financial measures, such as Adjusted EBITDA and discretionary free cash flow and certain non-GAAP financial ratios, such as Adjusted EBITDA Margin, Adjusted EBITDA per share and discretionary free cash flow per share, which do not have any standardized meaning as prescribed by IFRS. These measures are intended as a complement to results provided in accordance with IFRS. The Corporation believes these measures provide additional useful information to analysts, shareholders and other users to understand the Corporation's financial results, profitability, cost management, liquidity and ability to generate funds to finance its operations. However, these measures should not be used as an alternative to IFRS measures because they are not standardized financial measures under IFRS and therefore might not be comparable to similar financial measures disclosed by other companies. See the "Non-GAAP and other financial measures" section of the Corporation's MD&A for the three months ended March 31, 2022 for further details, which is incorporated by reference herein and available on SECURE's profile at www.sedar.com and on our website at www.secure-energy.com.

Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted EBITDA per share

Adjusted EBITDA is calculated as noted in the table below and reflects items that the Corporation considers appropriate to adjust given the irregular nature and relevance to comparable operations. Adjusted EBITDA margin is defined as Adjusted EBITDA divided by revenue (excluding oil purchase and resale). Adjusted EBITDA per basic and diluted share is defined as Adjusted EBITDA divided by basic and diluted weighted average common shares.

The following table reconciles the Corporation's net income (loss), being the most directly comparable financial measure disclosed in the Corporation's Interim Financial Statements, to Adjusted EBITDA for the three months ended March 31, 2022 and 2021.

Discretionary Free Cash Flow and Discretionary Free Cash Flow per share

Discretionary free cash flow is defined as funds flow from operations adjusted for sustaining capital expenditures, and lease payments (net of sublease receipts). The Corporation may deduct or include additional items in its calculation of discretionary free cash flow that are unusual, non-recurring, or non-operating in nature. Discretionary free cash flow per basic and diluted share is defined as discretionary free cash flow divided by basic and diluted weighted average common shares.

The following table reconciles the Corporation's funds flow from operations, being the most directly comparable financial measure disclosed in the Corporation's Interim Financial Statements, to discretionary free cash flow.

FINANCIAL STATEMENTS AND MD&A

The Corporation's consolidated financial statements and notes thereto and MD&A for the three months ended March 31, 2022 are available on SECURE's website at www.secure-energy.com and on SEDAR at www.sedar.com.

FIRST QUARTER 2022 CONFERENCE CALL

SECURE will host a conference call on Thursday, April 28, 2022 at 1:00 p.m. MST to discuss the first quarter results. To participate in the conference call, dial 416-764-8650 or toll free 888-664-6383. To access the simultaneous webcast, please visit www.secure-energy.com. For those unable to listen to the live call, a taped broadcast will be available at www.secure-energy.com and, until midnight MST on Thursday, May 5, 2022 by dialing 888-390-0541 and using the pass code 193741#.

FORWARD-LOOKING STATEMENTS

Certain statements contained in this press release constitute "forward-looking statements and/or "forward-looking information" within the meaning of applicable securities laws (collectively referred to as "forward-looking statements"). When used in this press release, the words "achieve", "advance", "anticipate", "believe", "can be", "capacity", "commit", "continue", "could", "deliver", "drive", "enhance", "ensure", "estimate", "execute", "expect", "focus", "forecast", "forward", "future", "goal", "grow", "integrate", "intend", "may", "maintain", "objective", "ongoing", "opportunity", "outlook", "plan", "position", "potential", "prioritize", "realize", "remain", "result", "seek", "should", "strategy", "target" "will", "would" and similar expressions, as they relate to SECURE, its management, or the combined company, are intended to identify forward-looking statements. Such statements reflect the current views of SECURE and speak only as of the date of this press release.

In particular, this press release contains or implies forward-looking statements pertaining but not limited to: SECURE's deleveraging plan; SECURE's priorities for 2022, including related to ESG, debt reduction and strengthening its balance sheet, its ability to achieve such priorities and the timing thereof; SECURE's ability to execute and deliver on the expected benefits of the Transaction, including the anticipated synergies, successfully integrating the legacy Tervita business and becoming a more resilient, profitable and efficient business, and the timing thereof; SECURE's ability to leverage opportunities for its shareholders and customers; the strength and scale of the combined business and SECURE's ability to optimize assets; optionality in allocating capital; SECURE's Sustainability Report and the timing thereof;  the costs required to increase facility throughput; SECURE's goal to achieve net-zero GHG emissions by 2050, and the roadmap to achieve such goal, including the reduction of absolute GHG emissions by 15% by the end of 2024; an increased rig count; sustained inflationary pressures throughout 2022, their impact on SECURE's business and SECURE's ability to manage such pressures; the impact of increased industry activity on SECURE's business; the end of the Canadian Federal Government's stimulus package and its impact on SECURE's business; the impact of new or existing mandatory spend requirements for retirement obligations on SECURE's business, and the introduction of such requirements; SECURE's discretionary free cash flow and the use and portion of such discretionary free cash flow and proceeds from non-core asset sales to reduce debt; SECURE's priorities beyond 2022, including growth opportunities that provide stable cash flow, and increased shareholder returns, in the form of debt repayment, increased dividends, share buybacks, or a combination thereof; SECURE's capital expenditure guidance; required sustaining and growth capital focusing on projects to reduce customers' costs and emissions and other ESG goals; long-term opportunities; SECURE's capital structure and ability to fund its capital needs and the amount thereof; and SECURE's liquidity position and access to capital.

Forward-looking statements are based on certain assumptions that SECURE has made in respect thereof as at the date of this press release regarding, among other things: economic and operating conditions, including commodity prices, crude oil and natural gas storage levels, interest rates, exchange rates, and inflation; the changes in market activity and growth will be consistent with industry activity in Canada and the U.S. and growth levels in similar phases of previous economic cycles; the impact of the COVID-19 pandemic (including its variants) and geopolitical events, including government responses related thereto and their impact on global energy pricing, oil and gas industry exploration and development activity levels and production volumes; the ability of the Corporation to realize the anticipated benefits of the Transaction; the resolution of the review of the Transaction under the Competition Act on terms acceptable to the Corporation; SECURE's ability to successfully integrate Tervita's legacy business; anticipated sources of funding being available to SECURE on terms favourable to SECURE; the success of the Corporation's operations and growth projects; the Corporation's competitive position; the Corporation's ability to attract and retain customers (including Tervita's historic customers); that counterparties comply with contracts in a timely manner; that there are no unforeseen events preventing the performance of contracts or the completion and operation of the relevant facilities; that there are no unforeseen material costs in relation to the Corporation's facilities and operations; that prevailing regulatory, tax and environmental laws and regulations apply or are introduced as expected, and the timing of such introduction; the end of the Canadian Federal Government's stimulus package; increases to the Corporation's share price and market capitalization over the long term; the Corporation's ability to repay debt and return capital to shareholders; the Corporation's ability to obtain and retain qualified staff and equipment in a timely and cost-efficient manner; the Corporation's ability to access capital and insurance; operating and borrowing costs, including costs associated with the acquisition and maintenance of equipment and property the ability of the Corporation and our subsidiaries to successfully market our services in the WCSB and the U.S.; an increased focus on ESG, sustainability and environmental considerations in the oil and gas industry; the impacts of climate-change on the Corporation's business; the current business environment remaining substantially unchanged; present and anticipated programs and expansion plans of other organizations operating in the energy service industry resulting in an increased demand for the Corporation's and our subsidiaries' services; future acquisition and maintenance costs; the Corporation's ability to achieve its ESG and sustainability targets and commitments; and other risks and uncertainties described in the Corporation's annual information form for the year ended December 31, 2021 and from time to time in filings made by SECURE with securities regulatory authorities.

Forward-looking statements involve significant known and unknown risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether such results will be achieved. Readers are cautioned not to place undue reliance on these statements as a number of factors could cause actual results to differ materially from the results discussed in these forward-looking statements, including but not limited to: general global financial conditions, including general economic conditions in Canada and the U.S.;  the effect of the COVID-19 pandemic (including its variants) and geopolitical events and governmental responses thereto on economic conditions, commodity prices and the Corporation's business and operations; changes in the level of capital expenditures made by oil and natural gas producers and the resultant effect on demand for oilfield services during drilling and completion of oil and natural gas wells; volatility in market prices for oil and natural gas and the effect of this volatility on the demand for oilfield services generally; a transition to alternative energy sources; the Corporation's inability to retain customers; risks inherent in the energy services industry, including physical climate-related impacts; the Corporation's ability to generate sufficient cash flow from operations to meet our current and future obligations; the seasonal nature of the oil and gas industry; increases in debt service charges including changes in the interest rates charged under the Corporation's current and future debt agreements; inflation and supply chain disruptions; the Corporation's ability to access external sources of debt and equity capital and insurance; disruptions to our operations resulting from events out of our control; the timing and amount of stimulus packages and government grants relating to site rehabilitation programs; the cost of compliance with and changes in legislation and the regulatory and taxation environment, including uncertainties with respect to implementing binding targets for reductions of emissions and the regulation of hydraulic fracturing services and services relating to the transportation of dangerous goods; uncertainties in weather and temperature affecting the duration of the oilfield service periods and the activities that can be completed; competition; impairment losses on physical assets; sourcing, pricing and availability of raw materials, consumables, component parts, equipment, suppliers, facilities, and skilled management, technical and field personnel; supply chain disruption; the Corporation's ability to effectively complete acquisition and divestiture transactions on acceptable terms or at all; a failure to realize the benefits of the Transaction and risks related to the associated business integration; the inaccuracy of pro forma information prepared in connection with the Transaction; risks related to a new business mix and significant shareholder; liabilities and risks, including environmental liabilities and risks, inherent in oil and natural gas operations, including those associated with the Transaction; the Corporation's ability to integrate technological advances and match advances of our competition; credit, commodity price and foreign currency risk to which the Corporation is exposed in the conduct of our business; compliance with the restrictive covenants in the Corporation's current and future debt agreements; the Corporation's or our customers' ability to perform their obligations under long-term contracts; misalignment with our partners and the operation of jointly owned assets; the Corporation's ability to source products and services on acceptable terms or at all; the Corporation's ability to retain key or qualified personnel; uncertainty relating to trade relations and associated supply disruptions; the effect of changes in government and actions taken by governments in jurisdictions in which the Corporation operates, including in the U.S.; the effect of climate change activism on our operations and ability to access capital and insurance; exposure of the Corporation's information technology systems to external threats and the effects of any unauthorized access to such system and potential disclosure of confidential information; the Corporation's ability to bid on new contracts and renew existing contracts; potential closure and post-closure costs associated with landfills operated by the Corporation; the Corporation's ability to protect our proprietary technology and our intellectual property rights; legal proceedings and regulatory actions to which the Corporation may become subject, including in connection with the review of the Transaction under the Competition Act and any claims for infringement of a third parties' intellectual property rights; the Corporation's ability to meet its ESG targets or commitments and the costs associated therewith; claims by, and consultation with, Indigenous Peoples in connection with project approval; disclosure controls and internal controls over financial reporting; and those risk factors identified in the Corporation's annual information form for the year ended December 31, 2021 and from time to time in filings made by the Corporation with securities regulatory authorities.

Although forward-looking statements contained in this press release are based upon what the Corporation believes are reasonable assumptions, the Corporation cannot assure investors that actual results will be consistent with these forward- looking statements. The forward-looking statements in this press release are expressly qualified by this cautionary statement. Unless otherwise required by applicable securities laws, SECURE does not intend, or assume any obligation, to update these forward-looking statements.

ABOUT SECURE

SECURE is a publicly traded energy infrastructure and environmental business listed on the Toronto Stock Exchange ("TSX"). SECURE provides industry leading midstream infrastructure and environmental and fluid management to predominantly upstream oil and natural gas companies operating in western Canada and certain regions in the U.S.

SECURE's Midstream Infrastructure business segment includes a network of midstream processing and storage facilities, crude oil and water pipelines, and crude by rail terminals located throughout key resource plays in western Canada, North Dakota and Oklahoma. SECURE's midstream infrastructure operations generate cash flows from oil production processing and disposal, produced water disposal, and crude oil storage, logistics, and marketing.

SECURE's Environmental and Fluid Management business segment includes a network of industrial landfills, hazardous and non-hazardous waste management and disposal, onsite abandonment, environmental solutions for site remediation and reclamation, bio-remediation and technologies, waste treatment & recycling, emergency response, rail services, metal recycling services, as well as fluid management for drilling, completion and production activities.  

SOURCE SECURE Energy Services Inc.